The petitioners who are defaulters of a loan availed by them from the second respondent, seek repayment of the defaulted amount in instalments. According to the counsel for the petitioners, the petitioners would pay the defaulted amount in ten equal monthly instalments. They would in addition, pay the amount payable by them each month, as per the terms of the original loan agreement. It is assured that the instalments would be paid without delay or default. The counsel for the respondents opposes the grant of instalments. The counsel for the petitioners submits that the petitioners were facing an acute financial shortage and that had caused the arrears. They would be able to regularise the loan account if the instalment facility is granted. 2. Having considered the contentions of the counsel for the petitioners and the respondents, this writ petition is disposed of with the following directions:-
i) The petitioners shall pay the entire amount remaining defaulted in ten equal monthly instalments. The first instalment shall be paid on or before 15.12.2014. The subsequent instalments shall be paid on or before the 15th of each succeeding month thereafter.
ii) The petitioners shall in addition pay the equated monthly instalments due as per the terms of the original loan agreement, without delay or default.
iii) In the event of default in payment of the instalments stipulated above, the petitioner shall forfeit the benefit of these directions and the respondents shall be entitled to initiate further action for recovery of the amounts due to them in accordance with law.
iv) Pending payment of the amount in instalments, all coercive proceedings for recovery of the amounts due shall remain stayed.
jj /True copy Sd/-
K. SURENDRA MOHAN Judge